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Technavio’s market research report predicts that the global oilfield equipment rental market will grow at a CAGR of nearly 5% during the forecast period. Advances in the drilling technology are one of the primary drivers for market growth. Longer laterals, minimal liner and casing, enhanced drilling rates, and multi-pad drilling and improvements in the surface operations are some of the major technological advancements. These improvements also include a rise in the number and position of the fracturing stages and the shift to hybrid fluid systems. Moreover, the market also consists of innovative technologies that have assisted in monitoring detailed drilling activities during operations such as deepwater and ultra-water deepwater drilling activities. Furthermore, in the absence of possibilities to track the activities in unconventional regions, real-time systems play a significant role, and multilateral technologies are preferred for heavy oil applications. Such applications will drive the oilfield equipment rental market growth in the future.
In terms of geography, the Americas led the global oilfield equipment rental market during 2016 and is expected to continue the domination during the forecast period. The rising demand for oil and gas and the high possibility of major investments in the oil and gas sector during the forecast period drives the growth of the market in the region.
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The players in the global oilfield equipment rental market are adopting different strategies to stay ahead of the competitors. The regional market competitors are focused on research and development to develop new products and innovative technologies to cater to the shifting market dynamics. Strategies such as M&A activities, joint ventures, contracts, agreements, and partnerships help the market players increase their revenue shares.
Key vendors in the market are:
Other prominent vendors include AOS ORWELL, Basic Energy Services, FMC Technologies, IOT GROUP, Key Energy Services, Knight Oil Tools, Oil States International, Parker Drilling, RPC, and Superior Energy Services.
During 2016, the onshore application segment dominated the global oilfield equipment rental market and is expected to continue the dominion over the next four years. The concentration of oil and gas and E&P activities in onshore sites will drive the growth of this market segment.
As per the Technavio’s oilfield equipment rental market research report, the drilling equipment segment led the global oilfield equipment rental market during 2016 and is expected to continue the domination during the forecast period. Factors such as the rising demand for oil and gas across the globe and the utilization of oilfield equipment in oilfields will accelerate the segment’s growth in the market.
PART 01: Executive summary
PART 02: Scope of the report
PART 03: Research Methodology
PART 04: Introduction
PART 05: Market landscape
PART 06: Market segmentation by application
PART 07: Market segmentation by product
PART 08: Geographical segmentation
PART 09: Decision framework
PART 10: Drivers and challenges
PART 11: Market trends
PART 12: Vendor landscape
PART 13: Key vendor analysis
PART 14: Appendix
Tags: oil and gas, equipment rental, oil companies, oil production, energy market forecast, oil and gas market share,
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